Oil fell in early trade after U.S. Treasury Secretary Bessent announced that the United States could reach a deal with Iran to reopen the Strait of Hormuz. The announcement sparked optimism, as the strait is a vital corridor through which one‑fifth of the ás world’s oil passes.

ANZ Research analysts noted that optimism grew following Bessent's remarks. They cited[top media report suggesting Iran might allow European nations to remove mines from the Strait of Hormuz, a move that could further ease tensions and restore safe navigation for global shipping.

Front‑month West Texas Intermediate (WTI) crude futures slipped 0.8%, trading at $75.17 per barrel. Market participants weighed the potential impact of a swift diplomatic resolution, balancing the risk of renewed sanctions against the prospect of increased supply once the strait reopens.

The strait's reopening could lift the shipping bottleneck that has raised fuel costs worldwide. While the deal remains in early stages, traders and analysts alike monitor developments closely, as any progress could alter the global oil supply chain.we